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Don, yes, I'm in preview mode...I'm still creating the movie.
And sadly things are going from bad to worse as now I've got "ghost" sounds tracks in my movie (still in preview mode). I added some Magic Music soundtracks which seemed to be causing problems and after deleting those audio clips from the timeline they are still their (well, their sound is, that is...but the audio clips aren't visible on the timeline). Good grief!
I haven't used the Magic Music soundtracks, but if they are like the SmartSound stuff, it can slow things down during editing. (I only add the SS tracks AFTER everything else is in place.)
Depending on the power/configuration of your machine this may or may not help, but it's worth testing.
Save your project, then shut down PD, restart your machine. Give it a few minutes for all the anti-virus stuff to quit doing it's job, then open PD & your project.
See how the machine behaves on a fresh computer, without lots of stuff being open.
PD takes lots of resources (all editing programs do...) so a fresh boot can make things better for an editing session.
Applications working in the background can impact PD, so try it once with as much closed as possible, sometimes that makes a huge difference (totally depends on your setup and what is starting with the machine.)
All that said, the audio CAN lag at points as PD grabs all the different source files during preview. Some machines will handle this much better than others... I use the "spacebar" when it's out of sync and 99% of the time after it restarts the preview the audio is right. It creates the final movie correctly, so the preview is the issue.
Hope this helps. (Others will probably provide additional suggestions.)
PD 12 - 12.0.2930.0
Windows 8 (64 bit)
16 GB RAM